Stripe has hired Valora’s builders to work on its crypto initiatives, as the 
wallet’s app shifts ownership back to Celo’s cLabs.

Payments giant Stripe acquires team from crypto wallet app Valora

Bitwise signals a stunning setup for 2026 as accelerating institutional flows 
and widening bank access drive mainstream demand and a far more bullish market 
foundation that is rapidly reshaping crypto’s trajectory. Bitwise Flags a 
‘Massive’ 2026 Build With New Buyers Loading Aggressively Rising optimism in 
digital assets was amplified when Hunter Horsley, CEO of asset […]

Bitwise Eyes Massive 2026—CEO Says ‘People Are Not Bullish Enough’

Dragonfly managing partner Haseeb Qureshi has sharpened his defense of 
Ethereum’s valuation, arguing that critics are using the wrong financial 
framework and that ETH should be analyzed more like an early-stage Amazon than 
a mature “value” stock. Speaking on the Milk Road Show on 9 December 2025, 
Qureshi revisited his now-viral valuation clash with investor Santiago “Santi” 
Santos, hosted by ThreadGuy, which reignited the debate over how to price 
layer 1 blockchains. At the core of Qureshi’s thesis is a simple but 
controversial claim: fee revenue on Ethereum is effectively pure margin and 
should be treated as profit, not as “revenue” in the traditional corporate 
sense. “Blockchains don’t have revenue. They have profit,” he said. “When 
chains charge fees, that’s profit. There’s no expenses for a chain. Chains 
don’t pay expenses, right? There’s no AWS hosting cost for Ethereum.” Qureshi 
Pushes Back On Claims Ethereum Is Overvalued Santos had argued that Ethereum 
is trading at “300 plus” times sales, calling these price-to-sales (P/S) 
levels “embarrassing” relative to traditional companies and suggesting 
valuations are “way ahead of their skis.” Qureshi did not contest the 
magnitude of the multiples but rejected P/S as the right lens. Related 
Reading: Ethereum Sees Largest Binance Inflow Since 2023 – Warning Sign? “He 
was insisting in the debate that the right way to look at these things is 
price of sales. So if you look at price sales for Ethereum, it’s something 
like 380. If you look at Amazon, I think Amazon topped out at price of sales 
of 42. And this was during the bubble,” Qureshi said. He countered that for a 
blockchain, what equity investors would call “sales” is closer to the GDP or 
GMV of the on-chain economy, which is not directly measured at the protocol 
level. The only clean, observable line is fee income, which he treats as net 
income. “The sales in some sense is like the GDP of the blockchain which we’re 
not measuring,” he argued. “The right thing to understand for a chain is the 
profit… The right thing to understand is what is the profit of Ethereum 
relative to the profit of Amazon.” That opens the door to the Amazon analogy. 
Qureshi emphasized that Amazon delayed profitability for almost two decades to 
prioritize growth, yet public markets still assigned it extremely high 
earnings multiples. “Amazon literally made no profit, no profit until 
basically about 20 years in as a business,” he said. “In the year I think it 
was 2013… Amazon had a PE ratio… over 600 whereas today the PE ratio of 
Ethereum of course is something like 380.” Because Ethereum’s P/S and P/E 
converge under his “fees = profit” assumption, Qureshi’s argument is that 
investors should compare ETH’s 300–380x multiple to Amazon’s P/E history, not 
to its much lower P/S, if they are going to use a single headline ratio at 
all. The broader context, he stressed, is that Ethereum and other L1s are 
still in an exponential build-out phase, more akin to early internet or 
e-commerce infrastructure than to late-cycle dividend payers. Related Reading: 
Ethereum Inches Toward A Critical Decision Point: Bullish Break Or Deeper 
Dive? “This technology has been getting bigger and bigger over time. It’s 
gobbling up the entire world of finance from where it started,” he said, 
referencing his essay “In Defense of Exponentials.” “None of [these 
technologies] started printing a bunch of profit immediately in the first five 
or even 10 years.” Despite choppy price action and underperformance of 
altcoins versus AI equities and gold, Qureshi said his conviction in the long- 
dated Ethereum thesis has increased, not weakened, through the public debate. 
“If anything, I have become more confident in my view,” he said, adding that 
nothing material had changed in the last months to justify a major portfolio 
rethink. “What exactly has changed in the last 2 months between, you know, ETH 
going to like $4,800 and ETH being at $3,000? The answer is basically 
nothing.” Shared some post-debate reflections on my L1 debate with 
@santiagoroel, my rebuttal against the &#8220;crypto is all a big casino&#8221; doomers, 
and where I think we are in the crypto macro cycle 👇 https://t.co/9uMJFuLVrX — 
Haseeb ＞|＜ (@hosseeb) December 9, 2025 For Qureshi, a genuine repositioning 
would require a clear invalidation of core assumptions—such as a quantum break 
of cryptography or a structural collapse in on-chain stablecoin demand. Short- 
term swings, in his view, are simply the pendulum of sentiment moving around a 
still-fixed fundamental anchor. His message to skeptics is that if markets 
tolerated Amazon at 600x earnings while it scaled into a dominant platform, 
dismissing Ethereum at roughly 300–380x on a “too high on P/S” argument alone 
is analytically inconsistent. At press time, ETH traded at $3,325. Featured 
image created with DALL.E, chart from TradingView.com

Ethereum Should Be Valued Like Amazon, Says Dragonfly’s Qureshi

An affiliate of the crypto exchange Gemini received a designated contract 
market license and it now plans to offer prediction markets in the US.

Gemini nabs US license to offer prediction markets

Crypto markets look stable on the surface, but traders remain uneasy as the 
Federal Reserve and Bank of Japan (BOJ) line up back-to-back risk events. 
Crypto is quiet for now, though the stability feels temporary. Markets Steady 
as Traders Brace for FOMC and BOJ Some days feel too quiet, like the market is 
holding its […]

Cryptocurrency price in KWD